ETF Research Center

The iShares S&P 100 Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of U.S. large-cap stocks, as represented by the Standard & Poor's 100 Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Oct 23, 2000
Assets (mns)	$7,026
Currency	USD
Expense ratio	20 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Market Cap
Index replication	n/a
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	101
Wgt avg mkt cap (mns)	$717,688
Large cap (>$10bn)	100.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	40.9 %
APPLE INC	9.1 %
MICROSOFT CORP	8.3 %
AMAZON.COM INC	6.2 %
FACEBOOK	2.9 %
ALPHABET INC. CLASS A	2.9 %
ALPHABET INC. CLASS C	2.8 %
TESLA MOTORS INC	2.4 %
BERKSHIRE HATHAWAY INC-CL B	2.2 %
JPMORGAN CHASE & CO	2.1 %
JOHNSON & JOHNSON	2.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.1 %
	IRELAND	1.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
0.8%	32.5%	17.2%	13.5%	6.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.97	98%
MSCI EAFE	0.88	80%
MSCI Emg. Mkts.	0.70	63%

Technical Indicators
Recent close	$173.05
30d moving avg.	$176.58
Annualized volatility	18.0%
Short interest (ETF)	0.7%
Short interest (Underlying)	1.1%
Relative strength (RSI)	52

Liquidity measures
Avg. volume (thou.)	264
Turnover	0.7%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$150,032

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the iShares S&P 100 ETF ETF based on the alternatives' overlap in portfolio holdings with OEF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

OEF

Expense:

20 bp

ALTAR Score™:

4.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH OEF
Ticker	Fund Name	Overlap¹ vs OEF (%)	Expense ratio (bp)	Savings vs OEF (bp)	ALTAR Score™ (%)	ALTAR vs OEF (%)
ESGV	Vanguard ESG U.S. Stock ETF	84.2	12	8	4.7	+0.1
IWL	iShares Russell Top 200 ETF	79.2	15	5	4.7	+0.2
XLG	Invesco S&P 500 Top 50 ETF	78.6	20	0	4.4	-0.2
MGC	Vanguard Mega Cap Index Fund	78.3	7	13	4.8	+0.3
BKLC	BNY Mellon US Large Cap Core Equity ETF	77.4	0	20	4.8	+0.2
EFIV	SPDR S&P 500 ESG ETF	73.3	10	10	4.9	+0.4
SNPE	Xtrackers S&P 500 ESG ETF	73.2	10	10	4.9	+0.4
SPXN	ProShares S&P 500 Ex-Financials ETF	67.7	27	-7	4.5	-0.1
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	67.5	15	5	5.0	+0.4
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	67.2	20	0	4.8	+0.2
SPXV	ProShares S&P 500 Ex-Health Care ETF	66.2	27	-7	4.5	-0.1
PBP	Invesco S&P 500 BuyWrite ETF	66.1	49	-29	4.5	-0.1
SPXE	ProShares S&P 500 Ex-Energy ETF	65.7	27	-7	4.8	+0.3
XYLG	Global X S&P 500 Covered Call & Growth ETF	65.6	60	-40	4.4	-0.1
SPY	SPDR S&P 500 ETF Trust	65.5	9	11	4.9	+0.3
IVV	iShares Core S&P 500 ETF	65.5	3	17	4.9	+0.4
SPLG	SPDR Portfolio Large Cap ETF	65.4	3	17	5.0	+0.4
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	64.8	20	0	4.9	+0.4
VOO	VANGUARD S&P 500 ETF	64.4	3	17	4.9	+0.4
VOOG	Vanguard S&P 500 Growth ETF	64.2	10	10	4.0	-0.6
ESG	FlexShares STOXX US ESG Impact Index Fund	63.7	32	-12	4.8	+0.2
XVV	iShares ESG Screened S&P 500 ETF	63.6	8	12	5.0	+0.4
IQSU	IQ Candriam ESG US Equity ETF	63.5	9	11	4.7	+0.2
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	63.4	7	13	4.7	+0.2
EQWL	Invesco Russell Top 200 Equal Weight ETF	62.9	25	-5	5.9	+1.3
SPYG	SPDR Portfolio S&P 500 Growth ETF	62.7	4	16	4.0	-0.5
IVW	iShares S&P 500 Growth ETF	62.7	18	2	3.9	-0.7
IWY	iShares Russell Top 200 Growth ETF	62.7	20	0	3.9	-0.7
HIPR	Direxion High Growth ETF	62.1	40	-20	4.2	-0.4
SPXT	ProShares S&P 500 Ex-Technology ETF	62.0	27	-7	5.1	+0.6
VV	Vanguard Large-Cap Index Fund	62.0	4	16	4.8	+0.2
XOUT	GraniteShares XOUT U.S. Large Cap ETF	61.8	60	-40	3.7	-0.8
BBUS	JP Morgan Betabuilders U.S. Equity ETF	61.6	2	18	4.8	+0.3
IUSG	iShares Core S&P US Growth ETF	61.4	4	16	4.0	-0.6
PBUS	Invesco PureBeta MSCI USA ETF	61.2	4	16	4.8	+0.3
MMTM	SPDR S&P 1500 Momentum Tilt ETF	60.8	12	8	4.2	-0.4
IWF	iShares Russell 1000 Growth ETF	60.7	19	1	3.7	-0.9
ESGU	iShares MSCI USA ESG Optimized ETF	60.5	15	5	4.7	+0.1
VONG	Vanguard Russell 1000 Growth Index Fund	60.0	8	12	3.8	-0.8
SPTM	SPDR Portfolio Total Stock Market ETF	59.6	3	17	5.0	+0.4
SCHX	Schwab U.S. Large-Cap ETF	59.4	3	17	4.8	+0.2
NACP	Impact Shares NAACP Minority Empowerment ETF	58.5	49	-29	4.6	+0.1
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	58.5	15	5	0.0	-4.6
IWB	iShares Russell 1000 ETF	57.9	15	5	4.7	+0.1
EPS	WisdomTree U.S. Earnings 500 Fund	57.4	8	12	6.2	+1.7
SCHK	Schwab 1000 Index ETF	57.2	5	15	4.7	+0.1
IYY	iShares Dow Jones U.S. ETF	57.1	20	0	4.6	+0.1
SFY	SoFi Select 500 ETF	56.8	0	20	4.8	+0.2
WOMN	Impact Shares YWCA Women's Empowerment ETF	56.4	75	-55	4.5	-0.1
CATH	Global X S&P 500 Catholic Values Custom ETF	56.0	29	-9	4.7	+0.1
VONE	Vanguard Russell 1000 ETF	55.7	8	12	4.7	+0.2
VUG	Vanguard Growth Index Fund	55.4	4	16	3.6	-1.0
TMFC	Motley Fool 100 Index ETF	55.4	50	-30	3.0	-1.5
MGK	Vanguard Mega Cap Growth ETF	55.1	7	13	3.8	-0.8
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	54.7	12	8	5.2	+0.6
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	54.6	49	-29	3.8	-0.8
DIVB	iShares U.S. Dividend & Buyback ETF	54.4	25	-5	6.0	+1.5
VTHR	Vanguard Russell 3000 Index Fund	54.3	10	10	4.6	+0.0
SPQQ	Siren Large Cap Blend Index ETF	54.1	20	0	4.0	-0.6
IWV	iShares Russell 3000 ETF	53.9	20	0	4.5	-0.1
QUS	SPDR MSCI USA StrategicFactors ETF	53.9	15	5	5.5	+0.9
SCHB	Schwab U.S. Broad Market ETF	53.6	3	17	4.6	+0.1
ITOT	iShares Core S&P Total U.S. Stock Market ETF	53.2	3	17	4.6	+0.0
IOO	iShares Global 100 ETF	53.2	40	-20	4.8	+0.2
ACVF	American Conservative Values ETF	53.0	75	-55	4.4	-0.2
FVAL	Fidelity Value Factor ETF	52.1	29	-9	6.8	+2.3
VTI	Vanguard Total Stock Market Index Fund	52.1	3	17	4.6	+0.0
ACIO	Aptus Collared Income Opportunity ETF	51.7	79	-59	4.0	-0.6
DSI	iShares MSCI KLD 400 Social ETF	51.3	25	-5	4.7	+0.2
SCHG	Schwab U.S. Large-Cap Growth ETF	51.2	4	16	3.3	-1.2
RECS	Columbia Research Enhanced Core ETF	51.1	15	5	5.5	+1.0
DFAU	Dimensional US Core Equity Market ETF	51.0	12	8	4.9	+0.3
FQAL	Fidelity Quality Factor ETF	50.8	29	-9	5.1	+0.5
FDRR	Fidelity Dividend ETF for Rising Rates	50.5	29	-9	6.6	+2.0
DLN	WisdomTree U.S. LargeCap Dividend Fund	50.1	28	-8	6.4	+1.9
ADME	Aptus Drawdown Managed Equity ETF	50.0	79	-59	3.5	-1.1
VOOV	Vanguard S&P 500 Value ETF	49.8	10	10	6.3	+1.7
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	49.5	9	11	5.1	+0.5
QQQM	Invesco NASDAQ 100 ETF	49.5	15	5	3.8	-0.8
QQQ	Invesco QQQ Trust	49.5	20	0	3.7	-0.9
QYLD	Global X NASDAQ 100 Covered Call ETF	49.5	60	-40	3.3	-1.3
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	49.5	60	-40	3.3	-1.3
NUSI	Nationwide Risk-Managed Income ETF	49.5	68	-48	3.2	-1.3
ONEQ	Fidelity Nasdaq Composite Index Tracking Stock	49.5	21	-1	3.1	-1.4
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	48.5	10	10	5.0	+0.5
SUSL	iShares ESG MSCI USA Leaders ETF	48.5	10	10	5.0	+0.5
SCHV	Schwab U.S. Large-Cap Value ETF	48.4	4	16	6.2	+1.6
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	48.1	25	-5	5.7	+1.2
PRF	Invesco FTSE RAFI US 1000 ETF	47.6	39	-19	5.8	+1.2
FDLO	Fidelity Low Volatility Factor ETF	47.6	29	-9	4.6	+0.1
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	47.6	19	1	5.3	+0.8
DTD	WisdomTree U.S.Total Dividend Fund	47.5	28	-8	6.5	+1.9
ESGG	FlexShares STOXX Global ESG Impact Index Fund	47.4	42	-22	4.9	+0.3
IWX	iShares Russell Top 200 Value ETF	46.8	20	0	6.2	+1.6
IETC	iShares Evolved U.S. Technology ETF	46.8	18	2	3.6	-1.0
QLC	FlexShares US Quality Large Cap Index Fund	46.8	32	-12	4.9	+0.3
MGV	Vanguard Mega Cap Value ETF	46.4	7	13	6.6	+2.1
IGM	iShares Expanded Tech Sector ETF	46.1	46	-26	3.4	-1.2

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2016	2017	2018	2019	2020	2021E	2022E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2020	2021E	2022E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	iShares S&P 100 ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	18.8	%
Divided by: Fwd. P/BV	4.0	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	4.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.39	CATEGORY AVERAGE	1.50

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.